4.6 • 29.8K Ratings
🗓️ 7 May 2022
⏱️ 31 minutes
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0:00.0 | This is Planet Money from NPR. |
0:06.4 | If you happen to run a country in the 1990s and your economy was on the brink of collapse, |
0:12.8 | there seem to be this one person you'd call this one American economist, Jeffrey Sachs. |
0:18.6 | Jeff was a rising star at Harvard and he'd helped turn around countries like Bolivia and |
0:23.2 | Poland. |
0:24.2 | And in October of 1991, that call was coming from Moscow. |
0:29.8 | This was a bad crisis. |
0:30.8 | I know something about how to address the bad crises. |
0:36.0 | And so I was happy to try to help. |
0:38.6 | So Jeff flies from Boston to Moscow and he heads to the Kremlin. |
0:44.3 | And I was in the Kremlin meeting President Boris Yeltsin to talk about the economic crisis |
0:50.6 | in Russia. |
0:51.7 | For decades, Russia had been this laboratory for a radical social experiment, an experiment |
0:57.0 | that made free markets illegal and replaced them with an intricate system of central planning. |
1:03.1 | But for a lot of reasons, by late 1991, that system had almost completely broken down. |
1:09.2 | Russia was now in this sort of awkward situation where it had two governments, the crumbling |
1:14.3 | Soviet government and the new democracy headed by Yeltsin. |
1:18.6 | And Yeltsin and his new team of radical economists decided they could use some help. |
1:24.7 | So Jeffrey Sachs heads through the Kremlin security gates, passed the statues of Marx |
1:30.2 | and Lenin and he sits down at this table with other aghete economists, in walks a beaming |
1:37.0 | Boris Yeltsin. |
1:38.9 | And he walked across the room and said, gentlemen, I just got confirmation from the heads of |
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